The world needs to stop worrying about blockchain, regulate it and let it fly
- Blockchain is creeping into more industries, as the biggest names in technology contemplate or adopt it. But for the industry to take off, governments need to establish regulatory frameworks and stakeholders need to build up a talent pool
It was not so long ago that the internet was considered the pinnacle of technology, a network that encompassed far-reaching corners of the globe and demarcated a new world from the old. Over time, technologies that fundamentally change the way people work, operate and engage with each other have emerged – and we continue to make great strides towards a future enabled by technology and limited only by imagination.
Underpinning the radical changes, these technologies have in common the willingness to rethink traditional models, challenge existing frontiers and solve problems we didn’t even realise we had. As we ponder the progress of this technological road map, it is prudent to consider not only the past but to look to the future – where blockchain, the decentralised and immutable digital ledger, beckons.
With KPMG reporting that 41 per cent of technology leaders favour the implementation of blockchain and the International Data Corporation estimating that spending on blockchain will grow from US$1.5 billion last year to US$2.9 billion this year, the industry has started to shift from exploration to adoption.